• COIDA

    Workmens compensation

    What is workmens compensation? In layman’s terms, workmens compensation, also known as COIDA, is an insurance policy. The policy is in place to protect employers in the event where an employee is injured on duty. Registration The company has to be registered at the department of labour. COIDA returns and tariffs Every company needs to submit a return every year in May. The tariffs are set annually by the department of labour. The amount payable is then calculated according to the salaries paid by the company. Letter of good standing Only once the return has been submitted and the payment made, will the department of labour issue a letter of…